PSO Pak State Oil Limited Mid-Term Analysis 18 April 2016
Turning Down
Turning Down
Our Pivot: 382.30
Our Preference: Start Short selling from current price and average it out till 371.79 strict stop loss of 382.30 and target at 349 and 340.
Alternate Scenario: Upward penetration of 382.30 will call for 390 and 401.
NOTE: PSO is moving in a bearish trend channel on weekly chart and right now it have strong resistances ahead from a horizontal resistant line along with a negative trend line. Weekly Stochastic is also turning down.
Recommendations:
Start short selling from current price and average it out till 371.79 with target at 349 and 340.
Weekly Chart with Supports and Resistances:
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